Fighting inflation, making the most of your purchasing power
(NC) Inflation is quickly raising prices of goods and services, and significantly impacting monthly budgets. But there are ways to help lessen the effects. The first thing to do is figure out where inflation is hurting your household budget the most, likely with gas and groceries.
To help offset high gas prices, plan your errands and routes to cut down on travel time. Set up a carpool for your daily commute or the kids’ activities, and take public transit, bike or walk when the distance and weather permits.
For groceries, try to find in-season local produce, check weekly flyers for sales and plan your meals to avoid unnecessary waste. Further stretch your savings by growing your own greens, fruits and vegetables in a garden at home.
When substitutes aren’t available, find ways to mitigate costs. Rewards programs can help you save on future purchases and adventures. If you’re not part of a rewards program, look for one that maximizes the money you spend, such as the BMO Ascend World Elite Mastercard.
Travel, entertainment and dining don’t need to be put on the backburner due to inflation. It’s been a long two years and many of us are eager to get back to the activities we’ve missed out on. Use your earned rewards points towards hotel rooms, flights and tourist attractions. With a plan in place and early preparation, you’ll be able to enjoy your summer holidays within budget.
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